Edmonton Cyber Liability Insurance

What Is Cyber Insurance & How Does It Work?

Each year, rates of cybercrime are rising. Many business owners think that only large corporations are targeted by hackers. But this is far from true—many hackers target small businesses, knowing that those companies have fewer resources to invest in security.

Imagine what might happen if your business contacts, payment information, or private customer data were leaked. Not only would it harm your reputation, but you’d be financially responsible for helping the customers and employees affected by the attack. They may choose to take legal action against your business.

Cover the costs of a cybercrime with cyber insurance. If your business falls victim to a cyber-attack, this insurance policy offers the financial protection you need.

Types of Cyber Attacks & Data Breaches Covered by Cyber Insurance in Edmonton

You might be wondering what exactly your cyber insurance policy will cover. A cyber-attack can take many forms. A few examples of attacks that are covered include:

• Malware: After a virus is installed on a computer, a hacker can use that device remotely to access data.
• Denial of service: Cybercriminals make a network or device unavailable.
• Ransomware: Organizations may be unable to access their services or accounts during a ransomware attack; they are typically required to pay a fee to resume control.
• Phishing: Usually sent through emails, these messages contain disguised links that, once clicked, leak information that gets stored on the computer.
• Spoofing: A cyber-attacker may impersonate another employee to hijack information.

Factors Affecting the Cost of Cyber Insurance Edmonton

Depending on the risk level of your business, the cost of your cyber insurance will vary. Factors that affect the cost include:

• Technology use
• Business size
• Data use
• Industry
• Computer protections currently used
• Annual revenue

How To Get Cheaper Cyber Liability Insurance?

Want to lower your cyber insurance policy rates? With these tips, you can lower the cost of your monthly premiums:

First, consider choosing a higher deductible. You’ll need to pay more when you make a claim, but a higher deductible will lower the cost of your premiums.

If you already have business insurance, try bundling your cyber insurance with your existing policy.

Next, increase the security of your network. Every measure you take to defend against cybercrimes will lower the likelihood of an attack. You might consider educating your employees about common cyber-attack methods (including phishing emails).

Finally, contact an insurance advisor at Westland Insurance. We’ll compare rates offered by different insurance companies to find coverage that’s affordable for your business.

How Much Cyber Insurance Does My Company Need?

If a client seeks legal action after a data breach, your cyber liability insurance is designed to protect you from defence costs. But how much coverage does your policy offer?

Consider how many clients your company has. The more people whose data you are responsible for, the larger the legal repercussions you could face from a cybercrime. If you operate a large corporation, you may need to increase your policy limit.

Is It Worth Getting Cyber Insurance?

As a business owner, you’re familiar with the day-to-day operations of running a company. But you might not be as familiar with the security risks of technology.

Part of your cyber insurance policy is incident response & crisis management. You could be involved in a situation where a hacker demands money before they return your business data. With cyber coverage, your insurance company will assist with negotiating terms, investigating the incident, and managing PR if the story reaches the news.

Request an Insurance Quote Today

Protect your business and your clients with comprehensive insurance coverage for cyber-attacks. Need help choosing the right cyber insurance policy for your business? At Westland Insurance, we can help you find a tailored policy that suits your business.

Locations we serve include:

• Daysland
• Breton
• Edmonton South
• Edmonton West
• Leduc

It’s time to protect your business with cyber insurance coverage. For an insurance quote, contact us today!